Saudi Arabia Medical Second Opinion Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMPH2804 | Last Updated On: Jun 22 2022 | Available Formats

> Saudi Arabia Medical Second Opinion Market Expected to reach a high CAGR of 8.32% during the forecast period 2022-2029: DataM Intelligence

Saudi Arabia Medical Second Opinion Market is segmented By Disorder (Cancer, Diabetes, Cardiac disorders, Neurological disorders, Ocular disorders, Others), By Service Provider (Hospitals, Medical Second Opinion Providing Companies, Health Insurance Companies), and By Region – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Saudi Arabia Medical Second Opinion Market is expected to grow at a CAGR of 8.32% during the forecasting period (2022-2029).

A medical second opinion is a decision-support tool for ratification or modification of a suggested treatment, by another physician.

A medical second opinion may have a critical influence on the diagnosis, treatment, and prognosis. The patient can benefit from treatment optimization and avoid unnecessary risks.

The physician can benefit from less exposure to legal claims, and healthcare organizations can benefit from increased treatment, quality assurance and costs saving from unnecessary surgery and treatments. Nevertheless, injudicious use of this tool can provoke unnecessary medical costs. In recent years, many patients prefer to seek a second opinion on their disease and available treatments.

Private and public insurance companies are trying to control surgery costs by urging and even demanding a second opinion before surgery.

With the impact of the COVID-19 pandemic, healthcare service providers are launching online platforms for patients to access second opinion services. This is expected to drive market growth over the forecast period.

Saudi Arabia’s healthcare facilities, Riyadh and Jeddah in particular, are observed to be accredited by international healthcare accreditation bodies such as Joint Commission International (JCI) and Australian Council of Healthcare Standards International (ACHSI). These accreditations are one of the key factors patients consider while choosing a healthcare facility, as these assure high quality of health standards.

Centres of excellence focusing on certain specialities such as ophthalmology, cosmetic surgery, IVF and orthopaedics (sports medicine) are expected to grow further, especially in Riyadh and Jeddah. Many General Hospitals also have established dedicated wings to provide highly specialized services in a single speciality this has often been a key factor to the success of these facilities.

Year on year the volume and share of the private sector have been increasing. In the case of outpatients, between 2010-16 the private sector share increased from 31% (40 million) to 37% (51 million) a CAGR of 4.6%. For inpatient services, the share increased from 32% (1.1 million) to 35% (1.3 million) at a CAGR of 2%. This compares to negative growth in MoH facilities, due primarily to the increasing number of insured expatriates and increasing popularity of the private sector among Saudi nationals. The public sector’s role is also gradually transitioned to becoming more of a regulator rather than as a provider of healthcare facilities.

Saudi Arabian medical centres seeking investors to partner with a recognized healthcare operator to establish Clinics in Riyadh, Jeddah, Abu Dhabi, Muscat, Cairo, among others.

The Healthcare sector in KSA is undergoing evolution on the back of rapid advancements in technology, research and development (R&D) in line with the global and regional trends. However, healthcare providers and professionals are grappling with several challenges concurrently, such as patients becoming customers and the patient care transitioning from “fee for quality” rather than “service fee”. This coupled with new compliance requirements that aim at wellness and prevention plus ensuring better coordination, efficiencies, add depth and complexity to an increasingly competitive marketplace

The medical second opinion market growth is driven by several factors, such as the increased need for improved diagnosis, reduction in the financial cost and favourable government initiatives.

Segmentation

By disorders, the Saudi Arabia medical second opinion market is segmented into cancer, diabetes, cardiac disorders, neurological disorders, ocular disorders, and others. Among these cancers, the segment is expected to dominate market share throughout the forecast (2021-2028). Attention deficit hyperactivity disorder, Parkinson’s disorder, depression, bipolar disorders, and many more neurological disorders are tough to diagnose and lead to a large number of misdiagnoses among people. According to Parkinson’s Foundation around 25-30% of Parkinson’s disorder is misdiagnosed, which is a very high number. Similarly, around 69% of bipolar patients receive misdiagnosis initially. Even well-trained internists and general neurologists can have trouble diagnosing Parkinson's disease, especially if they've had little experience with the disorder. People diagnosed with Parkinson's consider getting a second opinion from a neurologist who specializes in movement disorders and has extensive experience with Parkinson's. Similarly, in depression, a second opinion from a psychiatrist is always suggested.

By service providers, the market is segmented into hospitals, medical second opinion providing companies and health insurance companies. hospitals are expected to be the largest market shareholder throughout the forecast (2020-2027) due to the feasibility they provide to the patients. Many patients take medical second opinion through these online services as they can consult any doctor all over the world from their home and are cost-efficient, for instance, the price of a doctor’s consultation can be prohibitively high, and insurance plans are limited in their coverage so a patient can consult an Indian doctor online that comes at a cost people can afford whenever they want

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